Making magic happen between experienced and next-gen financial planners

We are at an interesting inflection point in the financial planning profession. On one hand, about 110,000 financial planners are expected to retire between now and 2035. And at the other end of the experience spectrum, thousands of new or career-changing financial planners enter the workforce each year. Our profession would benefit greatly if these two groups could connect effectively. I ask for your help to accomplish this.

These retirees may be looking to exit their business. Although the sale of a successful practice can provide a “big check” to the owner, agency owners often have other issues to consider. The firm they have spent years, perhaps even decades, building and perfecting is not something they want to give away to a person or group that may not maintain their standards and relationship history with clients and staff. A well-thought-out exit plan, perhaps assisted by a third-party firm, may be helpful.

For next-gen planners, connecting with these planners can be an opportunity to become more engaged with the profession while learning to create lasting and meaningful client relationships. The profession has evolved to allow new planners to enter it in this fashion rather than starting from a sales-oriented position.

Both groups would benefit from each other. So, how can we get these planners to network and connect? I have some ideas, although I readily admit this quandary likely requires multiple solutions.

Join the Financial Planning Association’s Residency Program

Whether as a dean or mentor or conversely as a participant, CFP professionals benefit from joining this 35-person cohort held twice a year. For five days, new professionals glean insights from the seasoned and experienced professionals hosting this program. 

At the same time, FPA mentors and deans are learning from the next-generation attendees about how to work with clients of this age and/or from career-changers who are bringing their life experience and other skills to view financial planning from a different perspective. Inefficiencies and fresh ideas are uncovered in these sessions each time they’re held. 

Attend conferences with diverse professionals

Conferences are opportunities for people to be exposed to fresh perspectives, but also to interact with others in the profession and reconnect with professional friends they may not often see in person. These represent opportunities for both groups of planners to make a concerted effort to connect with people in different life and career stages, both to broaden their perspectives and to find potential job opportunities.

CFP undergraduate and graduate programs

The CFP Board has about 300 different programs for students at the undergraduate and graduate levels to learn the ins and outs of financial planning. Seasoned professionals can offer to lecture at any of these programs, regardless of where they live, as we now exist in a virtually connected world. They can also ask to become mentors to students in a particular program. 

This kind of first-person, hands-on advice and attention not only benefits the up-and-coming planner in setting their career on a stronger trajectory, but it can also serve as a place for experienced professionals to evaluate incoming talent as their upcoming successor. 

Internships

What better way for a new professional to get on-the-job training than an internship where client situations can be observed and challenges can unfold before the new professionals’ eyes? For the firm providing the internship, this is an opportunity to help support the firm and the individual’s personal growth. Internships can easily lead to long-term positions.

These are all potential opportunities for planners across generations and experiences to meet and learn from each other. We do not have all the answers, and the profession will only benefit from the innovative ideas that come from various planners. So, I am asking for financial planners at both ends of this spectrum to add their thoughts to this conversation. I look forward to how our profession continues to evolve and grow in the coming years. 

Dan Galli, CFP, is the 2026 president of the Financial Planning Association and is the principal of Daniel J. Galli & Associates in Norwell, Mass. Contact him at [email protected].